This bill amends the major economic growth attraction (MEGA) program in Iowa to include incentives for the construction of a professional sports stadium by a national football league (NFL) franchise. It introduces new definitions for "business affiliate," which refers to entities that invest in a sports stadium, and "sports stadium," defined as a facility where NFL games are held. The bill modifies existing criteria for eligible projects under the MEGA program, allowing for sites where a sports stadium may be built to qualify for incentives, in addition to the current requirements of having a controlling interest in a site or a certified site greater than 250 acres.

The MEGA program currently provides economic development incentives to businesses that invest at least $1 billion and are primarily engaged in advanced manufacturing, biosciences, or research and development. With this bill, the program will also extend these incentives to NFL franchises constructing stadiums, which may include sales and use tax refunds, investment tax credits, and withholding tax credits, subject to approval by the economic development authority. The bill also notes that tax incentives cannot be awarded for more than two eligible businesses or after January 1, 2027, whichever comes first.

Statutes affected:
Introduced: 15.491, 15.492